Property agents in race against en bloc clock
Sites relaunched at lower prices as collective sales agreement deadlines loom Property agents are expected to keep pushing out a steady stream of relaunched en bloc sales over the next few months, as they attempt a last hurrah before their collective sales agreements (CSAs) inked last year expire. Asking prices for such sites this time … Read more
Prices of high-end condos starting to fall as sales dwindle
Downward trend may continue for next few quarters, experts predict HOME prices are starting to fall, as several high-end properties begin to feel the squeeze of retreating buyers. Sales of Singapore’s most expensive condominiums – all the rage last year – have dwindled to just a trickle this year. And with plunging sales, prices have … Read more
JLL, Aussie firm in tie-up to manage malls
JV will tap regional market with focus on China, India JONES Lang LaSalle has teamed up with Australia’s Colonial First State Property Management to launch a retail property management venture, the first of its kind in Asia. The 50:50 company, Sandalwood, will aim to tap into a growing market for retail malls in particular, with … Read more
Tapping the Asian market
Private banks are realising there is huge potential for growth in Asia and are confident of a strong year ahead, writes GENEVIEVE CUA MARKETS are down, writedowns from sub-prime losses aren’t over, and the US is grappling with what some pundits believe may be the worst economic downturn since the Great Depression. Still, private banks … Read more
US home resales fall more than forecast
Losses stemming from mortgage crisis may reach US$1 trillion, says IMF The number of Americans signing contracts to buy previously owned homes declined more than forecast in February, indicating the US real-estate recession will extend into a third year. The National Association of Realtors’ index of signed purchase agreements decreased 1.9 per cent to 84.6, … Read more
Fewer home loans taken up as property market cools further
Mortgage default rate also falls but some banks see refinancing deals rise The number of home loans taken up has fallen sharply in recent months as the property market continues to contract. Only 4,200 new home loans were approved in January, up about 13 per cent on the 3,722 in December but down 21 per … Read more
Cutback in bank lending puts US economy at risk
Minimum capital ratio requirements limit banks’ ability to dish out loans Bank holding companies including Citigroup and Bank of America have the thinnest safety cushion against losses in seven years. The margin may erode further in coming weeks. Credit ratings on US$704 billion of bonds have been cut this year following the collapse of the … Read more
Singapore likely to escape technical recession
The Singapore economy probably rebounded in the first quarter, escaping a technical recession. A Today strawpoll of seven private sector economists shows all those surveyed expect the Government to announce positive GDP growth, when it unveils flash GDP estimates for the first quarter tomorrow. “But the question is: is there a sustainable demand in the … Read more
Greenspan: US home prices may stabilise this year
Former US Federal Reserve Chairman Alan Greenspan said the drop in American home prices will probably end “well before” early next year as the number of houses on the market diminishes, aiding an economic rebound. “It will not be until early 2009 that we will be close to having eliminated most of this home inventory,” … Read more
End of the free ride for US consumers
Asian inflation and a weaker greenback are driving up US consumer prices The free ride for American consumers is ending. For two generations, Americans have imported cheap goods from low-wage countries – first Japan and Korea, then China and now places like Vietnam and India. But inflation in the developing world, especially Asia, is threatening … Read more
